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The Litecoin Foundation, a non-profit organization that supports cryptocurrency and startups, recently announced the acquisition of 9.9% of the shares of the German bank & # 39; WEG Bank & # 39; ;.
The statement is given after the most recent association of "TokenPay Swiss AG" with the German banking entity, which, under previous agreements, yielded 9.9% of its shares to the company . In addition, " this cooperation with the WEGBank was negotiated for the benefit of the Litecoin Foundation in exchange for a comprehensive and comprehensive marketing and technology services agreement for the benefit of TokenPay and its cryptocurrency and business operations. Related ". the directors of the foundation.
The association will also exchange with the bank for advice and technical advice on payment solutions in digital currencies; In addition to supporting the development of blockchain projects with TokenPay.
Regarding the above, Charlie Lee, the director of the Litecoin Foundation:
Our intention with this association is to promote all the different services we have to offer, facilitate the purchase and the l & # 39; use of Litecoin. […] Matthias von Hauff, founder and CEO of WEG Bank, said:
The partnership with innovative institutions such as TokenPay and Litecoin could come as a surprise, because our society is very conservative; but we have carefully and diligently examined the prospects of a common future and we have become convinced that the future of the bank will make it inevitable the adoption of modern methods of payment. Therefore, we are proud to be associated with the best in the decentralized field.
It should be noted that TokenPay will benefit from blockchain advances provided by Litecoin. Part of the mission proposed by the managers with the acquisition of the bank is that " the TPAY cryptocurrency and its blockchain get new developments, in addition to the eFin decentralized exchange (DEX) and the EFIN currency, TokenSuisse asset management and structured finance products, the WEG Bank FinTech platform including consumer debit cards and the TokenPay Multisignature Transaction Engine designed to process fast and easy e-commerce payments. secured for traders "
It should be emphasized that 9.9% of the shares were acquired on this occasion due to German banking legislation, which prevents the purchase of more than 9.9 % of the shares without the prior approval of the regulators.This implies that, after obtaining the appropriate approvals from the authorities, TokenPay intends to take over the rest of the shares of the entity, incorporating Litecoin as an alternative payment, with the aim of adding more cryptocurrencies and adding more options in the future.
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